Theresa invested $5,000 in an account she expects will earn 8% annually. Approximately how many years will it take for the account to double in value? (Report an integer) (Hint: The easiest way to solve this problem is to use the "rule of 72".) (Note: Approximately, 1.3 is 1, not 2; and 1.5 is approximately 2.)
Theresa invested $5,000 in an account she expects will earn 8% annually. Approximately how many years will it take for the account to double in value? (Report an integer) (Hint: The easiest way to solve this problem is to use the "rule of 72".) (Note: Approximately, 1.3 is 1, not 2; and 1.5 is approximately 2.)
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Theresa invested $5,000 in an account she expects will earn 8% annually. Approximately how many years will it take for the account to double in value? (Report an integer)
(Hint: The easiest way to solve this problem is to use the "rule of 72".)
(Note: Approximately, 1.3 is 1, not 2; and 1.5 is approximately 2.)
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